E. LOUIS LOWE, ESQUIRE, GOVERNOR.
235
may deem proper, and upon the first opening of the
said
books, they shall be kept open for at least five successive
days, from ten o'clock, A. M. to two o'clock, P. M.
and if at the expiration of that period such a subscription
to the capital stock of the said company, as is
necessary to its incorporation shall not have been obtained,
the said commissioners of any five of them, may
cause the said books to be opened from time to time
after the expiration of the said five days, within the
space of five years thereafter or until the amount of
stock necessary to the incorporation of said company,
shall have been subscribed, if sooner subscribed, and if
any of the said commissioners shall die, resign or refuse
to act during the time for the continuance of the duties
imposed on them by this act, another or others may be
appointed by the remaining commissioners or a majority
of them.
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SEC. 2. And be it enacted,
That the capital stock
of the Baltimore and Potomac rail road company, shall
be one million of dollars, and as soon as two thousand
five hundred shares of the said capital stock shall be
subscribed, the subscribers of the said stock, their successors
and assigns, and their associates by subsequent
subscriptions, shall be and they are hereby declared to
be incorporated into a company, by the name of the
Baltimore and Potomac rail road company, and by that
name shall have perpetual succession, and be capable
in law of purchasing, holding, selling, buying and conveying
estate, real, personal and mixed, so far as the
same may be necessary for the purposes hereinafter mentioned,
and no further, and by said corporate name,
may sue and be sued, may have and use a common
seal, and shall have, enjoy and may exercise all the
powers which other corporate bodies may lawfully do
for the purpose mentioned in this act.
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Capital stock.
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SEC. 3. And be it enacted,
That upon every subscription
of stock there shall be paid at the time of subscribing
to the said commissioners, or their agent or agents, appointed
to receive such subscriptions, the sum of two dollars
on every share subscribed, and the remainder shall
be paid in such instalments and at such times as
may be required by the president and directors of the said
company; Provided, no payment shall be demanded
until at least thirty days public notice of said demand
shall have been given by the said president and directors,
and if any subscriber shall fail or neglect to pay any instalment,
or part of subscription thus demanded, for the
space of sixty days after the same shall be due the stock
on which it is payable, shall be forfeited to the company,
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At the time of
subscribing $2
per share to
be paid.
Proviso.
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